Me
Lawton,#2UPDATE Employee
Sat, November 29, 2008
I am always amazed by otherwise very smart people who fail to read rules and regulations when it comes to things as important as their bank and and financial intrests. To clarify a few items that were discussed.. A. The bank does not take $75.00 from your account when you pump gas, this is done by the gas station you choose to visit and in all fairness some gas station can hold up to $125.00, but Fort Sill National bank caps them off at $75.00(which most banks will not do) and B. You are given 3 months to deposit or withdraw(some form of activity) from your savings account. Since savings accounts are on a quarterly cycle if you have not done so you will be charged a $15.00 fee. This would be equal to $5.00 a month. And as was said by a previous comment this is done to close out accounts that would otherwise be on the books for an extended length of time and never used. And just an FYI.. All banks are required by federal law to provide a disclosure of all fees, fines and guidelines in regards to their banking procedures. It is usally no more then about 10pages and is easy reading. I would suggest you familiarize yourself with as to not be surprised next time you are hit with fees.
Ken
Randolph,#3Consumer Comment
Fri, November 21, 2008
It isn't the bank that sets the $75 hold, it's the gas station. In this part of the country the gas stations hold only a dollar. This creates its own set of problems for the people who don't track their balances, then check online and think they have money to spend that is actually already in their gas tank. The $15 inactivity fee is outrageous, even more so if they overdraw the account by imposing it. In my experience, $3 is a common amount for this fee. Although it appears to be plain greed, the true purpose for these fees is to allow the banks to be able to draw down and close out the accounts that have been abandoned with small balances left in them. It costs a little more than a dollar a month to send a statement saying you have $6 in an account, and no activity. They'd be happy if you just came in and got your $6, but in any case they just want to get that account off the books.
Ken
Randolph,#4Consumer Comment
Fri, November 21, 2008
It isn't the bank that sets the $75 hold, it's the gas station. In this part of the country the gas stations hold only a dollar. This creates its own set of problems for the people who don't track their balances, then check online and think they have money to spend that is actually already in their gas tank. The $15 inactivity fee is outrageous, even more so if they overdraw the account by imposing it. In my experience, $3 is a common amount for this fee. Although it appears to be plain greed, the true purpose for these fees is to allow the banks to be able to draw down and close out the accounts that have been abandoned with small balances left in them. It costs a little more than a dollar a month to send a statement saying you have $6 in an account, and no activity. They'd be happy if you just came in and got your $6, but in any case they just want to get that account off the books.